Studio Santa Claus Entertainment Co., Ltd. (KOSDAQ:A204630) announced a private placement of series 6 unregistered coupon non-guaranteed private convertible bonds for gross proceeds of KRW 17,000,000,000 on January 21, 2021. The transaction will include participation from Meritz Securities Co., Ltd., Investment Arm for KRW 14,000,000,000, and Sunny Electronics Corp. (KOSE:A004770) for KRW 3,000,000,000.

The bonds bear fixed interest rate of 4% per annum, yield to maturity rate of 4%, will mature on January 22, 2024, and are fully convertible into 7,423,581 common shares of the company, representing 25.2% stake, at a fixed conversion price of KRW 2,290 per share, from January 23, 2022 to January 17, 2024. The transaction has been approved by the board of directors of the company, and is expected to close on January 22, 2021.